...- Bavituximab Causes Pro-Inflammatory Effects in the Tumor Microenviro... That May Contribute to Its Anti-Tumor Efficacy - ...- Studies Show Similar Results for a New Fully Human Version of the/p... Antibody - ...

SAN DIEGO and TUSTIN, Calif., April 15 /PRNewswire-FirstCall/ --
Peregrine Pharmaceuticals, Inc. (Nasdaq: PPHM) today reported that
preclinical studies being presented at the 2008 Annual Meeting of the
American Association for Cancer Research (AACR) confirm a unique mechanism
by which bavituximab, its lead anti-phosphatidylserine (anti-PS) antibody
in Phase II cancer trials, affects the tumor microenvironment and
contributes to its anti-tumor efficacy. The research, which was conducted
by scientists at Peregrine, showed similar effects for bavituximab and for
PGN635, a fully human version of the bavituximab antibody.

In the in vitro and in vivo studies, lead author Dr. Monica Friedrich
and colleagues at Peregrine show that both bavituximab and PGN635 cause the
destruction of targeted cells. They demonstrate that by blocking the
anti-inflammatory signals of the phosphatidylserine found on the surface of
targeted cells, these anti-PS antibodies could create a unique tumor
microenvironment, by enhancing production of the pro-inflammatory cytokines
TNF-alpha and GM-CSF, while decreasing production of anti-inflammatory
cytokines such as interleukin 10. The studies also show that bavituximab
and PGN635 promote the migration of tumor-killing macrophages and induce
antibody-dependent cell-mediated cytotoxicity. In addition, the studies
showed that similar to bavituximab, PGN635 localizes to tumors but not to
healthy tissue.

"The AACR Annual Meeting represents an ideal opportunity to present
these important data to the cancer research community confirming a unique
mechanism of action of our anti-PS antibodies," said Steven W. King,
president and CEO of Peregrine. "We know that these antibodies can combat
cancer by targeting the PS located on the surface of tumor blood vessels.
These new data confirm an important part of the mechanism of action of our
anti-PS approach that acts by counteracting the immune-suppressing role of
the PS found on the surface of cancer cells. PS is thought to contribute to
the body's inability to mount an effective immune response to cancer, by
causing certain anti-inflammatory effects in the tumor microenvironment.
These studies show that by blocking PS and its anti-inflammatory signals,
our anti-PS antibodies unleash powerful pro-inflammatory effects that
enhance their anti-cancer effectiveness. We look forward to further
assessments of bavituximab's potential efficacy in our ongoing Phase II
cancer trials."

Bavituximab is a monoclonal antibody that binds to a phospholipid
called phosphatidylserine that is usually located inside normal cells, but
which becomes exposed on the outside of the cells that line the blood
vessels of tumors, creating a specific target for anti-cancer treatments.
Bavituximab helps mobilize the body's immune system to destroy the tumor
and the blood vessels needed for tumor growth and spread. In a Phase lb
pilot trial in advanced cancer patients, bavituximab plus chemotherapy
appeared to have a safety profile consistent with chemotherapy alone and
showed positive signs of clinical activity, achieving objective response or
disease stabilization in 50% of the evaluable patients. Peregrine has
received regulatory approval to conduct three Phase II trials to study the
anti-tumor effects of bavituximab in combination with chemotherapy. These
include two breast cancer protocols and a non-small cell lung cancer
protocol. One of the bavituximab breast cancer trials is currently
enrolling and dosing patients and the two other trials are expected to
begin shortly. Bavituximab is in clinical trials in the U.S. in patients
with advanced solid tumors and in patients co-infected with HCV and HIV.

Peregrine Pharmaceuticals, Inc. is a biopharmaceutical company with a
portfolio of innovative product candidates in clinical trials for the
treatment of cancer and hepatitis C virus (HCV) infection. The company is
pursuing three separate clinical programs in cancer and HCV infection with
its lead product candidates bavituximab and Cotara(R). Peregrine also has
in-house manufacturing capabilities through its wholly owned subsidiary
Avid Bioservices, Inc. (http://www.avidbio.com), which provides development
and bio-manufacturing services for both Peregrine and outside customers.
Additional information about Peregrine can be found at
http://www.peregrineinc.com.

Safe Harbor Statement: Statements in this press release which are not
purely historical, including statements regarding Peregrine
Pharmaceuticals' intentions, hopes, beliefs, expectations, representations,
projections, plans or predictions of the future are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. The forward-looking statements involve risks and uncertainties
including, but not limited to, the risk that results from future
preclinical studies and clinical trials will not correlate with the results
of these preclinical studies. It is important to note that the company's
actual results could differ materially from those in any such
forward-looking statements. Factors that could cause actual results to
differ materially include, but are not limited to, uncertainties associated
with completing preclinical and clinical trials for our technologies; the
early stage of product development; the significant costs to develop our
products as all of our products are currently in development, preclinical
studies or clinical trials; obtaining additional financing to support our
operations and the development of our products; obtaining regulatory
approval for our technologies; anticipated timing of regulatory filings and
the potential success in gaining regulatory approval and complying with
governmental regulations applicable to our business. Our business could be
affected by a number of other factors, including the risk factors listed
from time to time in the company's SEC reports including, but not limited
to, the annual report on Form 10-K for the year ended April 30, 2007 and
the quarterly report on Form 10-Q for the quarter ended January 31, 2008.
The company cautions investors not to place undue reliance on the
forward-looking statements contained in this press release. Peregrine
Pharmaceuticals, Inc. disclaims any obligation, and does not undertake to
update or revise any forward-looking statements in this press release.

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